5 ESSENTIAL DOCUMENTS TO GATHER FOR TAX SEASON
By: Idris Mohammed Yusuf ACTI

5 ESSENTIAL DOCUMENTS TO GATHER FOR TAX SEASON

Mohammed Idris yusuf ND,ADFAFI, ALX,3MTT, ACTI Mohammed Idris yusuf ND,ADFAFI, ALX,3MTT, ACTI

Mohammed Idris yusuf ND,ADFAFI, ALX,3MTT, ACTI

BAREWA OLD BOY (BOBA) || NATIONAL PIONEER PRESIDENT, ANTAS || ND IN PUBLIC ADMIN || BSC TAXATION || ACTI || ADFAFI`|| TAX AUDIT AND INVESTIGATION || TAX ACCOUNTANT || FINANCE / TAX ANALYST ||FELLOW ALX || FELLOW 3MTT.

发布日期: 2025年1月23日
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?5 ESSENTIAL DOCUMENTS TO GATHER FOR TAX SEASON

If you’re a seasoned tax filer or a beginner looking to avoid the audit, preparing for tax season doesn’t have to be a stressful situation. Follow these five essential steps, and you can tackle tax season with the utmost confidence!



  1. Tax identification number (TIN) or RC number.
  2. Audited financial statements (profit/loss statements, financial position, and notes).
  3. Completed tax return forms.
  4. Capital allowance schedules with a detailed breakdown of capital allowances claimed on carrying asset classes.
  5. Tax computation schedule showing the reconciliation of profits to taxable profits and all adjustments.


Understand Your Deductions

Before you start, familiarize yourself with the deductions you may qualify for. Allowable and disallowable expenses, NHIF, NHF,PENSION, and charitable contributions. If you’re self-employed, you may also be eligible for deductions. Just remember to only deduct things that make sense for your situation; if it’s not a business expense, don’t pretend it is!?

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You may also want to consider whether you should take the standard deduction or itemize your deductions. The standard deduction is easier, but if your itemized deductions exceed it, you could save even more.

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Choose the Right Filing Method

Time to pick the filing method! You have a few options: go with tax software, hire a professional, or use a combination of both. If you’re comfortable with numbers and have a straightforward tax situation, tax software can be a great option.?

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They guide you through the process and help you find deductions you might have missed. However, if your tax situation is more complex, it’s probably worth investing in some tax help.

Double-Check Everything

Once you’ve completed your tax return, it’s time for the most crucial step: double-checking your work. This is the part where you channel your inner detective and scrutinize every line, number, and deduction. Look for common mistakes like, misspelled names, and math errors. It is always important to double check your computations before going for returns.

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